Aluminium rises on global cues and spot demand

Globally, aluminium for delivery in 3 months at the LME rose 0.7% to $2,005 per tonn

Buoyed by firming trend overseas and rising spot demand, aluminium futures prices rose by 0.29% to Rs 120.90 per kg today as speculators created positions.

 

At the Multi Commodity Exchange, aluminium for delivery in current month moved up by 35 paise, or 0.29%, to Rs 120.90 per kg, with a business turnover of 240 lots.

 

Similarly, the metal for delivery in October contracts traded 35 paise, or 0.29%, higher at Rs 122.30 per kg, with a business turnover of five lots.

 

Marketmen said besides rising demand at domestic spot markets, a firming trend in metal at the London Metal Exchange (LME) on speculation that recent price declines were excessive helped aluminium futures to trade higher.

 

Globally, aluminium for delivery in three months at the LME rose 0.7% to $2,005 per tonne.